The African Union (AU) is once again calling for major financial reforms as the 61st Annual Meetings of the African Development Bank (AfDB) begin in Brazzaville, Republic of Congo.
Deputy Chairperson Ambassador Selma Malika Haddadi, speaking on behalf of AU Commission Chairperson Mahmoud Ali Youssouf, called the meeting a “defining moment” for Africa.
She emphasized that the continent needs to quickly secure large-scale development financing to handle growing global economic challenges.
This year’s theme, Mobilising Africa’s Development Financing at Scale in a Disjointed World, highlights the urgent need for economic independence and stability.
The AU mentioned several important projects already in progress. One is the African Credit Rating Agency, which aims to address bias in global rating systems and boost Africa’s reputation in capital markets.
Work is also underway to launch the African Monetary Institute, which could lead to the creation of an African Central Bank in the future.
The AU also pointed to work on creating a shared African approach to debt, as well as growing domestic financing options like pension funds, diaspora bonds, and green bonds.
Officials said these steps are key to unlocking Africa’s own capital and reducing reliance on outside funding.
Ambassador Haddadi cautioned that although Africa has great potential, turning it into real, lasting development will take teamwork and strong commitments. She encouraged leaders and stakeholders to leave Brazzaville determined to increase financing and build up Africa’s economic independence.
These meetings are expected to shape Africa’s financial plans for the coming years, as the continent works toward more independence and unity in a world that is becoming more divided.